Episode Details

Goldman Sachs predicts oil prices to surge, averaging over $100 a barrel in March and $85 in April, due to the ongoing crisis in the Strait of Hormuz. The bank revises its forecast, assuming a twenty-one-day disruption, causing a significant impact on global oil and gas supplies. Producers in the Gulf are slowing output, leading to a surge in European gas futures. Despite efforts to cool prices, inflation is expected to peak at 4.5% this spring, and GDP growth is projected to drop to 2.2% by late next year. OPEC plus and U.S. shale production cannot quickly resolve the supply shock, with prices likely remaining high until the strait reopens, marking the biggest supply shock ever since the 1973 embargo.

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